The European Union’s business economy comprised around 33.1 million enterprises in 2023, employing 162.2 million people, according to Eurostat a report released this week.

These enterprises generated a net turnover exceeding €38.5 trillion, resulting in €10.5 trillion in value added, Eurostat reported.

Large enterprises, employing more than 249 people, represented only 0.2 per cent of all EU enterprises.

They employed more than a third of the labour force at 37 per cent and generated roughly half of the total value added at 49 per cent.

Medium-sized enterprises, with 50 to 249 employees, constituted 0.8 per cent of all enterprises, employed 15 per cent of the workforce and generated 16 per cent of the value added.

The majority of enterprises, 99 per cent, were micro and small, employing up to 49 people.

These micro and small enterprises employed almost half of the EU’s business labour force at 48 per cent and generated 35 per cent of the total value added.

The services sector produced the highest share of value added at 49 per cent, the largest among the four main sectors, while employing 52 per cent of the business workforce and representing 63 per cent of all enterprises.

Industry accounted for 29 per cent of the value added, with only 7 per cent of enterprises and around 21 per cent of employment.

Trade contributed 15 per cent of the value added and employed 18 per cent of the labour force, while representing 18 per cent of enterprises.

Construction enterprises made up 12 per cent of all businesses but produced only 7 per cent of value added and employed 9 per cent of the EU workforce.

Eurostat said these figures underline the dominance of services and the significant role of large enterprises in generating economic value across the EU.